How Freight Broker Bond Work: A Step-by-Step Guide for Brokers
Freight brokers link shippers with carriers to allow goods to move from one location to another throughout the national territory. Operating as a freight broker requires brokerage personnel to obtain their Motor Carrier (MC) number and to secure a Freight Broker Bond (BMC-84) as regulatory requirements from the Federal Motor Carrier Safety Administration (FMCSA). Freight […]
What Is a Contract Bond, and How Does It Work?
A contract bond is like a necessary evil that every construction person or bidder for large projects has to deal with at some time in life. But what really is a contract bond? In the simplest terms, a contract bond works like a guarantee that contractors will definitely carry out their work as promised. Should […]
Understanding Commercial Bonds: A Complete Guide for Business Owners
A commercial bond is simply the guarantee by the company that they will obey the law and do their job as promised. In the case that they do not live up to that promise, the bond protects customers and the government from anything that may happen due to wrongdoing on the part of the company. […]
How Do Supersedeas Bonds Work?
Judgments made by courts do not stop legal conflicts from continuing after issuance. A defendant requiring an appeal bond, known as supersedeas bonds allows them to prevent enforcement while navigating the appeal process. The financial guarantee aspect of this bond ensures payment to the winning party after an unsuccessful appeal process while waiting for the […]
What Is a Surety Bond?
A surety bond is basically a promise between three parties to make sure certain tasks or responsibilities get done as promised. Think of it like this: you are hanging out with your friends and one buddy says he will definitely bring the game board for your game night. If that friend fails to bring the […]
What Are Agency Bonds and How Do They Work?
Investing in bonds is a widely recognized approach to creating financial security through multiple bond-based instruments with distinct operations. The many types of bonds offer agency bonds as a preferred investment option because of their reliable security features. Public and business projects benefit from funds supported by bonds distributed by government agencies or government-sponsored enterprises. […]